Bitcoin has dropped below $71,000, adding to a week of losses that have wiped out all of its gains since United States President Donald Trump’s re-election in 2024.
The world’s most popular cryptocurrency fell more than 7 percent on Thursday, continuing a steep downward slide that began in mid-January.
Recommended Stories
list of 4 items
list 1 of 4UN agency warns of ‘sharp increase’ in measles cases in the Americas
list 2 of 4Russia-Ukraine war: List of key events, day 1,442
list 3 of 4Nike probed by Trump appointee over claims of bias against white workers
list 4 of 4Australia charges teen over online threat as Israeli president due to visit
end of list
Bitcoin, which is famed for its wild price swings, was trading at about $70,900 as of 04:30 GMT.
The latest slide takes the value of the digital asset down by nearly 20 percent since the start of the year.
Bitcoin hit $100,000 for the first time in December 2024 and breached that level again in February and May 2025. But the asset has largely been on a downward trajectory since October, when it hit an all-time high of more than $127,000.
Bitcoin and other digital currencies racked up explosive gains after President Trump’s re-election raised expectations of Washington adopting a light touch to regulating digital assets after years of regulatory crackdowns.
Trump had pledged to turn the US into the world’s cryptocurrency capital during his re-election campaign, and launched his own crypto firm, World Liberty Financial, along with his sons, before winning the vote.
Shortly after taking office, Trump announced the establishment of a strategic crypto reserve that would include Bitcoin and four other cryptocurrencies.
But a Trump-backed bill to regulate the trading of cryptocurrency has stalled in the US Senate amid disagreement between banks and cryptocurrency firms, casting doubt over the industry.